34(1)Schedule 13 to the Financial Services and Markets Act 2000 (c. 8) is amended as follows.
(2)In paragraph 2(5) (President of Financial Services and Markets Tribunal)—
(a)for paragraph (a) substitute—
“(a)satisfies the judicial-appointment eligibility condition on a 7-year basis;”, and
(b)in paragraphs (b) and (c)(i) and (ii), for “ten” substitute “ 7 ”.
(3)In paragraph 3(2) (panel of chairmen)—
(a)for paragraph (a) substitute—
“(a)he satisfies the judicial-appointment eligibility condition on a 5-year basis;”, and
(b)in paragraphs (b) and (c)(i) and (ii), for “seven” substitute “ 5 ”.